Multiple Triggers; OW

Research evidence excerpt

Multiple Triggers; OW

Idea

July 16, 2026 03:04 AM GMT

Morgan Stanley India Company Private Limited+MAdani Energy Solutions Limited | Asia Pacific Girish Achhipalia

Equity Analyst

Multiple Triggers; OW Girish.Achhipalia@morganstanley.comMorgan Stanley Asia (Singapore) Pte.+ +91 22 6118-1124

Vivek Rajamani

What’s Changed Equity Analyst

Adani Energy Solutions Limited (ADAI.NS) From To Vivek.Rajamani@morganstanley.com +65 6834-6740

Price Target Rs1,133.00 Rs1,943.00

Morgan Stanley India Company Private Limited+

Parth Karia

Research AssociateAESL is uniquely positioned to monetise India's power demand

Parth.Karia@morganstanley.com +91 22 6118-1036

supercycle. Leadership in transmission, smart metering and

emerging datacenter power solutions could drive a step-change

in earnings, returns and valuation over the next decade. OW.

The Datacenter Upside: Over the last 12 months, hyper-scalers have announced

multiple large datacenter investments. We estimate India's datacenter capacity Adani Energy Solutions Limited (ADAI.NS, ADANIENS IS)

could reach 10.5GW by F31e, creating 75TWh of power demand and a ~US$20bn India Utilities | India

utility capex opportunity (details here). Reflecting this, AdaniConneX (ACX) has Stock Rating Overweight

raised its 2030 capacity target for the third time to 3GW (from 2GW and earlier Industry View In-Line

Price target Rs1,943.00

1GW, more details here and here). Up/downside to price target (%) 16

Shr price, close (Jul 15, 2026) Rs1,678.00

Adani Energy Solutions (AESL), on its own, as well as part of the broader Adani 52-Week Range Rs1,713.90-744.90

Sh out, dil, curr (mn) 1,201

ecosystem, is uniquely positioned to capture this opportunity by offering Mkt cap, curr (mn) Rs2,015,752